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S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, is inviting feedback regarding the possible lowering of the sulfur specification of Platts Asian gasoil benchmarks. The suggested shift to 10 ppm (parts per million) ultra-low sulfur diesel (ULSD) would apply to the flagship Platts FOB• Singapore Gasoil and Platts FOB Arab Gulf Gasoil assessments currently based on gasoil with sulfur content of 500 ppm.
Environmental concerns, government regulations and technological advances have progressively led to distillate fuels with lower sulfur content. The Asian gasoil market increasingly has seen more refineries producing ULSD and more buyers taking USLD. Platts has tracked these changes over decades, most recently lowering its key Asia benchmarks from high sulfur, 0.5% to 0.05% (500ppm) in January 2013. Now, S&P Global Platts is considering the next step.
Calvin Lee, Editorial Director, Asia and Middle East Oil Markets, S&P Global Platts said: “As the Asian gasoil market continues to evolve towards cleaner fuel, Platts is committed to ensuring that our Asian gasoil benchmarks remain robust and relevant. The possible move to ULSD would bring the Asian gasoil market in line with global markets.”
In a special report, Platts editors review the Asian gasoil market and outline the possible next stage in the evolution of the benchmarks.
S&P Global Platts benchmark assessments are widely used in physical and derivative contracts. In the case of any forthcoming changes in the gasoil benchmark, Platts would give ample notice to all stakeholders. Until the consultation ends on November 1, 2016, Platts is welcoming comments, suggestions and questions on the evolution of the Asian gasoil benchmarks. The result of the consultation will be announced in due course.
* FOB: Free on board
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